The voice of the consumer shapes insurance distribution
Accenture's 2017 Global Insurance Distribution & Marketing Consumer Study reveals how advances in digital technologies, coupled with significant shifts in consumer behavior, are opening up new opportunities for insurers to refine their market segmentation, offerings and distribution models.
Commoditization accelerates: Competitive pricing is the top loyalty driver for auto and home insurance customers globally.
New competitors—or partners: Consumers are increasingly open to buying insurance from providers besides insurance companies—banks, digital disrupters, retailers and others.
Redrawing the ecosystem: Insurers can offer embedded insurance products to gain access to new business by supplementing the value proposition of strategic business partners.
AI with a personal touch: Advances in machine learning and cognitive computing can be harnessed to deliver computer-generated advice that is more personalized than before.
Connecting peers: A significant number of consumers would be likely to consider peer-to-peer insurance if it were available.
Everyday insurer: To remain relevant, most insurers will need to offer an experience that is personalized and relevant to customers' daily lives.